PTEN Improves Shareholder Returns
Patterson-UTI Energy (PTEN) owns and operates onshore drilling rigs and a fleet of pressure pumping equipment in North America. The company has been lowering its contract drilling rigs in the face of the current energy market weakness, particularly concerning onshore drilling and lack of demand for hydraulic fracturing. I think its revenues can underperform the management expectations in Q4. Until growth returns, I think the stock will provide limited opportunity to gain on the upside.
However, the company's pressure pumping business has held steady. Despite the current stagnation, the